 "Tata Motors hits fresh record high")
Tata Motors has moved higher by nearly 2% at Rs 523, also its new high on BSE, after the auto maker said it would challenge the Competition Commission of India (CCI) order that imposed huge penalty on auto companies.
According to a statement issued by Tata Motors on the stock exchange, "Out of the total penalty levied on 14 passenger vehicle manufacturers of aggregating Rs 2,544.65 crore, the penalty levied to Tata Motors is Rs 1,346.46 crore being on the consolidated global turnover of the Tata Motors Group (instead of turnover only pertaining to Passenger Vehicle Business, in India)."
"The company would be filing an appeal against this order before the appropriate authorities," the company said.
Tata Motors said, the Order pertains to proceedings initiated by CCI in 2011 for investigating the conduct of several leading Passenger Vehicle Manufacturers alleging restricted covenants imposed by them for supply of spare parts and other diagnostic tools in the after-market.
In its Order the CCI has directed the 14 Passenger Vehicle companies to undertake in India compliances and filing of a report within 180 days, it added.
The stock opened at Rs 518 and has seen a combined 1.7 million shares changing hands on the counter so far on NSE and BSE.
According to a statement issued by Tata Motors on the stock exchange, "Out of the total penalty levied on 14 passenger vehicle manufacturers of aggregating Rs 2,544.65 crore, the penalty levied to Tata Motors is Rs 1,346.46 crore being on the consolidated global turnover of the Tata Motors Group (instead of turnover only pertaining to Passenger Vehicle Business, in India)."
"The company would be filing an appeal against this order before the appropriate authorities," the company said.
Tata Motors said, the Order pertains to proceedings initiated by CCI in 2011 for investigating the conduct of several leading Passenger Vehicle Manufacturers alleging restricted covenants imposed by them for supply of spare parts and other diagnostic tools in the after-market.
In its Order the CCI has directed the 14 Passenger Vehicle companies to undertake in India compliances and filing of a report within 180 days, it added.
The stock opened at Rs 518 and has seen a combined 1.7 million shares changing hands on the counter so far on NSE and BSE.